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Small businesses the silent victims in Royal Commission

Small Business Ombudsman Kate Carnell says stories from the Royal Commision likely to make people’s hair crawl.

She tells Ross Greenwood small businesses are often left out in the dark because they lack the protection customers receive under consumer law.

“At least consumers have the protection of consumer law which requires the banks to do a whole range of things to protect their rights.

“There are no protections in the small business space, or very very few unless you have the money to go to court.”

Ms Carnell says the financial sector still has “huge levels of non-compliance with the law”.

“What we’ve seen is banks use really unfair contracts which allow them to do anything the like.

“They just think they can get away with it Ross.”

Listen to the full interview below